Despite this first timers have hung in there.
Australian Government data from June shows lending to first home buyers had been declining since the peak of the pandemic but remained above pre pandemic levels,
Brissie’s first timers have not had to contend with the giddy high prices of Sydney and Melbourne where it takes, on average, seven and six years respectively to save a home deposit.
Brisbane’s average first home buyer saves their deposit in around four years, reports realestate.com.au.
So where are the suburbs making home ownership dreams come true for Brissie buyers?
A new report from NAB shows some surprising and not-so-surprising locations.
Lending data showed Fortitude Valley saw the highest rise in first home buyer occupancy in Queensland when comparing the first two quarters of 2022, reports news.com.au.
The lure of a thriving inner city location with affordable unit buying in particular has no doubt combined to prove a tempting recipe for property newbies.
Further afield the outer suburbs were a predictable mecca for first timers, with North Lakes and Kallangur proving popular north of the river, and Beenleigh on the south.
The Brissie results reflect a mixed take up of the trend to outer suburb and regional living made possible with flexible and hybrid arrangements.
This points to a good diversity in dwelling types and locations for Brisbane’s first home buyers to choose from.
Ready to step on to the property ladder? Contact us for a chat and view our current listings for sale.
Still saving your deposit? Check our listings for rent.